Limited communication and lack of insights lead to impaired performance visibility
To keep pace with the growing competition and boost revenue from sales, it had become important for the insurance giant to closely monitor the performance of their independent agents.
The business analyst team at ICICI Lombard manually analyzed and produced agent performance reports based on various datasets. The reports were created from a top-line perspective with limited insights and proved to be a challenge to scale with an increase in the number of agents.
Moreover, due to time constraints and lack of data resources, it was impossible to share a personalized performance report with each independent agent. These limitations made it difficult for business teams to effectively monitor and measure the performance of sales agents.
Amid busy schedules and client closures, independent agents found it challenging to closely track their assigned targets. Limited communication from the business team failed to give them the required visibility on their performance. This situation hindered the motivation of the agents and increased the attrition rate for the insurance company.
- Lack of resources to provide personalized performance analysis to each agent
- Difficulty in communicating detailed insights and learnings to independent agents from large datasets
- Incompetent KPI evaluation due to disorganized data management and monitoring
- High attrition rates due to lack of performance recognition and motivation
“We have been using Phrazor to generate customized reports for our various stakeholders. It is a widely accepted and appreciated platform. Moreover, because they keep enriching it with new features.”
- Siddharth Diwan | AVP - Technology
ICICI Lombard is one of the leading private sector general insurance companies in India offering coverage for motor, health, travel, home, student travel and more. It has a nationwide presence in over 265 branches and 910 virtual offices. The company hires a vast field force of independent agents to sell its diversified range of insurance products in the market.